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democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round of political maneuvering involves pressure from democrats to schedule a vote on the senate plan to extend middle class cuts. but republicans say let's see spending cuts first. >> we need to hear they are willing to make spending cuts now. not promises in the future . the tidal waves comingalt us is social security and medicare and of course, the new health care law of the presidents which is unaffordable and unworkable. >> nancy peel peel calling on speaker boehner to bring it to the floor or she will launch a move to force a vote. boehner is not likely
democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round...
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Nov 30, 2012
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or tax revenue increases. we were willing to come to the table and try to work out that kind of an approach or solution. i would say that republicans and democrats are either going to succeed together or we are going to fail together but i am confident we can work it out on behalf of the american people. >>neil: well, you may have her nancy pelosi in the house threatening a floor vote on extending the middle-class tax cuts. unless you guys don't get out and do something. >>guest: we are here. we are ready. we are being reasonable. responsible. we have been putting forward our solutions. >>neil: what do you think her offer? >>guest: we are going to, the time may come where we will actually bring different proposals to the floor for a vote. >>neil: that would not come? >>guest: no, i don't think it will come next week. we still have more time. >>neil: and this talk, it is just talk, congresswoman, so dismiss it as such, the president could be open on revenues to maybe not return to the clinton era tack -- tax ra
or tax revenue increases. we were willing to come to the table and try to work out that kind of an approach or solution. i would say that republicans and democrats are either going to succeed together or we are going to fail together but i am confident we can work it out on behalf of the american people. >>neil: well, you may have her nancy pelosi in the house threatening a floor vote on extending the middle-class tax cuts. unless you guys don't get out and do something. >>guest: we...
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Nov 30, 2012
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if you look at the tax side, the president campaigned on raising taxes but high talked about raising them to the tune of $800 billion. instead, what was put on the table is double that, $1.6 trillion in new tax increases. the president, though, out there upsetting republicans because he is outcampaigning again and he said i missed being out here on the trail. so rather than negotiating with republicans he was on the road in pennsylvania and saying i ran on this in terms of raising taxes. it is time to collect. >> at the end of the day, a clear majority of americans, democrats, republicans, independents, agreed with a balanced approach to gift reduction and making sure the middle class taxes don't go up. folks agreed to that. now the good news is we are starting to see a few republicans coming around to it, too. >>reporter: nancy pelosi has a news conference and added that elections have consequences. the democrats now think they can push their agenda through but republicans are saying when the democrats ran on the balanced approach it was not just tax increases but spending cuts, as
if you look at the tax side, the president campaigned on raising taxes but high talked about raising them to the tune of $800 billion. instead, what was put on the table is double that, $1.6 trillion in new tax increases. the president, though, out there upsetting republicans because he is outcampaigning again and he said i missed being out here on the trail. so rather than negotiating with republicans he was on the road in pennsylvania and saying i ran on this in terms of raising taxes. it is...
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Dec 3, 2012
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i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their will? do they just figure they won, they are going to get what they want? >> i have no idea, chris. if i knew, i would share it with you but i don't think what they are thinking. >> do you think they are being bullies? >> i think they won the election, they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> and again, because you kind of didn't answ
i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game?...
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tall tax rates will go up. we will then enact tax cuts for 98%. we will get congratulations from the american people. >> keeping and adding back tax cut for those above $250,000, 9 #% of income would add $37 trillion in ten years and would only save $800 billion or so from raising rates on higher incomes. democrats complain the republicans didn't pay for bush tax cut and no one on the democratic side is talking about finding the off-setting savings now to extend them. several democrats contemplated going over the cliff in recent days. perhaps in hopes of gaining leverage. >> if the republicans don't agree with that, we reach a point where all the tax cuts expire and we start over next year. >> form every republican senate aide said it would be hard to blame one party. >> i think they realize that both sides will be culpable if we go over cliff. >> house speaker john boehner says going over the cliff is far too dangerous to the economy. nevertheless, even treasury secretary geithner suggested on fox news sunday that republicans might need more time
tall tax rates will go up. we will then enact tax cuts for 98%. we will get congratulations from the american people. >> keeping and adding back tax cut for those above $250,000, 9 #% of income would add $37 trillion in ten years and would only save $800 billion or so from raising rates on higher incomes. democrats complain the republicans didn't pay for bush tax cut and no one on the democratic side is talking about finding the off-setting savings now to extend them. several democrats...
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Dec 2, 2012
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it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a good job if they are on a deadline or rush timetable. you know, we got obamacare because of that. that is going to prove a mess. we have gotten all kind of tax deals where things never really materialize. you know, ronald reagan had such a deal at the last minute in 1982, and out of every 100 cents of spending restraint he only got 75 cents because the deal was written so badly went need to take the time on this and not view december 31 as arbitrary deadline. >> jamie: it would be great if we did things in steps. i thought about this with the i
it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a...
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obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we did find that we will do fine. >> the question is whether the negotiations will lead to making other tough choices such as washington getting a handle on the growth of government. if not, the european example seems to suggest fiscal t
obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that...
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the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the victory he won in the u.n. was pyraquan. loser speaker of the house john boehner. he offered the president a peace pipe and got in return a demand that he turned over his sword, his shirt and at the end his trousers. that is a rather embarrassing position for the speaker. >> bret: he will be asked about it on "fox news sunday" with chris wallace. that is it for the panel. but stay tuned to see one thing congress did accomplish today. victor! victor! i got your campbell's chunky soup. mom? who's mom? i'm the giants mascot. the giants don't have a mascot! ohhh! eat up! new jammin jerk chicke
the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the...
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taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one, we are talking about federal taxation. if you want to have a argument with your county or city government, new york city and westchester county or long island go have it. >> you are not answering. >> but if you are talking about federal tax, right i'm saying to you i between between 35 and 39 is totally good. >> but that's not addressing it. wait a second. this is not a small issue. after somebody pace their federal, their state, their social security, their property, their car tax, their sales tax, after they are done giving the government their fair share, state, local, federal, what is fair? give me a
taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one,...
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we get taxes, will be cut. no, taxes will go up. spend willing be cut. everyone wants, almost everybody wants spending to be cut. what do you think will happen? >> let's look at wall street. what might happen to the 401(k)s or the stocks. last week, boehner said nothing is happening and stocks would plummet. somebody else would say something going on behind the scenes and stocks go up. this is tremendous volatility. this time of year we get santa claus rally, the stocks will rally until the end of the year. but if the taxes go on, on capital gains and dividends, people will start to sell now to have the better, more preferential tax treatment than afterwards. we may see selling in first of the year. >> eric: long-term, think long-term. once we get past that. what will the effect be? what if taxes on dividends go up? >> this is incredible disincentive. especially on the capital gains. to take the risk of investing. when you say long-term, long-term, if you don't need the money you invest in stock market. if you need it in the next five years don't go near
we get taxes, will be cut. no, taxes will go up. spend willing be cut. everyone wants, almost everybody wants spending to be cut. what do you think will happen? >> let's look at wall street. what might happen to the 401(k)s or the stocks. last week, boehner said nothing is happening and stocks would plummet. somebody else would say something going on behind the scenes and stocks go up. this is tremendous volatility. this time of year we get santa claus rally, the stocks will rally until...
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higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank? >>guest: one of the things, what we are seeing right now is the first evidence that companies' investors know the fiscal cliff is coming and when we get closer that is when the market will tank. >>neil: take your money and run. >>guest: for political pumps folks are willing to go over. that is dangerous much next year if we go over the cliff, all bets are off and we are in a recession. >>neil: you are not competent? >>guest: i don't like the way this is going. this is not two parties sitting down and saying we have a serious national proble
higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank?...
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in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats are criticizing him for demanding 150 billion in more spending. not less, including a $50 billion stimulus this next year. at a time when the focus perhaps should be on spending cuts, are those democrats right? >> well, i'm hearing many more democrats resonating with the message that the president is delivering and that message is that he ran on and got elected on the basis of more taxes for the most wealthy americans. i think that there is a real danger for republicans in not really hearing that message. i've been impressed by the number of republicans that have made positive indications that more reven
in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats...
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the taxes. so an american can escape somewhat but not as effectively as the british. when margaret thatcher reduced the tax we saw an explosion of enterprise and of course a wave of tax revenue came rolling in. we were able to have a debt repayment schedule and the tax emigres came back from the tax havens that remain in the british empire like bahamas and elsewhere. >>neil: john, always a pleasure, if no for other reason than your british accent is better than stuart varney's accent. thank you very much. thank you, john. in the meantime, the man who brokers some pretty night deals for lawrence taylor, what about this one between president obama and speaker boehner? and like s. or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. >>neil: maybe we just got ahead of ourselves. progress is looking not so good on the budget talks with ed henry at the white house with the latest. i am confused. where are we? >>repor
the taxes. so an american can escape somewhat but not as effectively as the british. when margaret thatcher reduced the tax we saw an explosion of enterprise and of course a wave of tax revenue came rolling in. we were able to have a debt repayment schedule and the tax emigres came back from the tax havens that remain in the british empire like bahamas and elsewhere. >>neil: john, always a pleasure, if no for other reason than your british accent is better than stuart varney's accent....
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fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they want to do it differently -- >> whose turn is this? where are we in this? >> the ball really is with them now. again, they're in a hard place. they're having a tough time trying to figure out what they can do. that's understandable. this is very difficult for them. we might need more time to figure out where -- where they go next. >> we don't have a lot of time. >> you can't wait very long. what we are trying to do is be as clear as we can with what is essential to us and what we like to have and what we think is good for the american economy
fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they...
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we preserved the estate tax, the tax on -- the low tax rates on dividends. look at the things we got off this proposal. you should back this. >> do you think he's even giving them cover on this because it's so extreme? >> i think he wants boehner to go back to his caucus and say this is where the president started. look at the hardball negotiating i did to get the president down from $1.6 trillion on tax hikes to $1 trillion on tax hikes. i saved $600 billion in tax hikes and that's probably the most effective if not the only way he can negotiate this bill. >> how do the republicans -- what is their next move. chuck schumer saying if house republicans consider the president's budget a new offer we await their counteroffer. the ball is in their court to state on what they would do on entitlements and taxes. they have given no specifics so far. >> that's a tough question for them. by the way, you said this reminds you of dillon going electric. i think of the scene in the god father michael corleoneny, my offer is nothing, not even the fee for the contract whic
we preserved the estate tax, the tax on -- the low tax rates on dividends. look at the things we got off this proposal. you should back this. >> do you think he's even giving them cover on this because it's so extreme? >> i think he wants boehner to go back to his caucus and say this is where the president started. look at the hardball negotiating i did to get the president down from $1.6 trillion on tax hikes to $1 trillion on tax hikes. i saved $600 billion in tax hikes and that's...
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state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report that's the big one economists look at. we expect 93,000 nonfarm jobs have been created last month. the numbers are weak and they suggest it's not just a storm but it is worried about the fiscal cliff holding businesses back from hiring. >> business owners and other people on e-mail which is most of us. when you are reading the e-mails and writing them you rate changes. >> pay attention i guess. do you hold your breath when you are reading an e-mail. it is e-mail apnea. study shows 80 percent of folks have it. when you hold your
state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report...
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>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and you think a normal human being with, you know, would be ashamed of that lack of intellectual honesty, should be. >> it's fascinating economic dri that costco is borrowing the money to pay this dividend. now, usually when companies pay dividends, it's out of earnings, right? >> yes, retained earnings, in this case, they're borrowing, taking on more debt, not to invest in the business in the future growth, but for a one-time equity pay out. >> and to worry about interest rates are low thanks to ben bernanke. >>, but this shows the tax rates combined with very low bore heing costs and instead of investing in growth, y
>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and...
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but they would complain about paying their taxes they were proud to pay their taxes but who complained about as you know what the government not you know getting a good good bang for the buck kind of wasting the money two thousand dollars toilets you know in the eighty's you know it became you know you know just taxes themselves are bad thing and then you know you had the republican young guns like grover norquist for example. you know who just sort of took that issue and seized upon it and made it their you know they raise money that kind of bought into jude when his skis to santa claus theory and decided to go on the santa clause of tax cuts and they've been doing that for thirty years it didn't work it's not working anymore it seems like there was yeah and that's fine with me yeah ok tell me christopher thanks for being with them thanks very much always great to have. coming up every second every second two point four million pounds of carbon pollution are being pumped into the atmosphere warming the planet and having disastrous effects on our environment is a startling statistic en
but they would complain about paying their taxes they were proud to pay their taxes but who complained about as you know what the government not you know getting a good good bang for the buck kind of wasting the money two thousand dollars toilets you know in the eighty's you know it became you know you know just taxes themselves are bad thing and then you know you had the republican young guns like grover norquist for example. you know who just sort of took that issue and seized upon it and...
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the bush tax cut for everybody. each has a bill and same argument. i don't imagine the president has upper hand in that. >> bret: next up, president george w. bush on immigration reform. this holiday, share everything. share "not even close." share "you owe me..." share "just right." the share everything plan. sharable data across 10 devices with unlimited talk and text. get a droid razr m by motorola for $49.99. >>> immigrants come with new skills and new ideas. they fill a critical gap in the labor market. they work hard for a chance for a better life. america can be a lawful society. and a welcoming society at the same time. >> bret: former president george w. bush talking about the importance for republicans to embrace immigration reform. it's a theme many republicans are talking about, including incoming senator ted cruz who talked about it this week in d.c. >> i think republicans need to remain a party that supports securing the border and stopping illegal immigration. at the same time, welcomes and celebrates
the bush tax cut for everybody. each has a bill and same argument. i don't imagine the president has upper hand in that. >> bret: next up, president george w. bush on immigration reform. this holiday, share everything. share "not even close." share "you owe me..." share "just right." the share everything plan. sharable data across 10 devices with unlimited talk and text. get a droid razr m by motorola for $49.99. >>> immigrants come with new skills...
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a tax cult for 98%. the rest of the people, let's listen to them. >> it's not acceptable to me and i don't think it's acceptable to you for a handful of republicans and congressman to hold tax cuts hostage simply because they don't want tax rates on folks to go up. right? that doesn't make sense? the senate has already pass add bill to keep the taxes from going up on the middle-class families. that's already passed the senate. you remember congress, they're ready to go, they're ready to vote on that same thing. and if we can just get a few house republicans on board, we can pass the bill in the house, its wi it will land on my desk, and i am ready. i've got a bunch of pens ready to sign this bill. >> and 30 minutes after the president was finished, john boehner held a press conference. he gave a pessimistic assessment of the negotiations. let's listen to mr. boehner. >> let's not kid ourselves. but when i come out the day after the election and make it clear that republicans will put revenue on the table
a tax cult for 98%. the rest of the people, let's listen to them. >> it's not acceptable to me and i don't think it's acceptable to you for a handful of republicans and congressman to hold tax cuts hostage simply because they don't want tax rates on folks to go up. right? that doesn't make sense? the senate has already pass add bill to keep the taxes from going up on the middle-class families. that's already passed the senate. you remember congress, they're ready to go, they're ready to...
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instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a crazy idea. i'm amazed that secretary geithner had the courage to float that yesterday. hence the laughter from senator mcconnell. that's the kind of response it deserves. >> they are laughing in public, but they are panicking behind closed doors. conservative writer matt lewis, writer for "the daily caller", the notion that republicans have leverage is silly. it's the same kind of happy thinking that led to some boldly-predicting a romney victory. he said republicans are so screwed. this is why president obama is playing to his strengths. the president has never had a problem rallying the american people to h
instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a...
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this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the white house took three we
this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also...
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a small college here that sits on the board of the henry clay center for statesmanship. the way to a solution, he says, is for both sides to have a voice. >> both have taken the attitude that it's my way or the highway. and americans recognize that that's just not the way things typically get done in this country. and if we continue along that line, we will go over the fiscal cliff and who knows what the abyss beyond it will be like. >> reporter: the united states senate's always valued its reputation as the world's greatest deliberative body set apart fr
. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a...
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he continues to talk about raising tax on the well think. >> the tax rate. >> right, the tax rates on the well think and beyond raising taxes on the well think, tax rates on the well think, he said he wanted a balanced approach etch said during the campaign he wanted $2.50 in cuts for every $1.50 in revenue. yet you saw the only proposal come from him sense the election was four dollars in revenue for one dollar in cuts. it was $1.6 trillion in revenue and $400 trillion in cuts and $300 trillion in additional stimulus spending in addition to that. but completely the opposite in cracks to his own campaign pledge. what we've been trying to do, greta, is hold his feet to the fire and say speaker bain wares clear the day after the election. he said mr. president, you won, but so did we. the mandate we have is to work together. we are willing to honor your ledge pledge of $80 billion a year from the wealthiest, which is what you said during the campaign, the $800 billion, but we need the $2.50 for every one dollar in cuts and the president has been completely unwilling to specify those cut
he continues to talk about raising tax on the well think. >> the tax rate. >> right, the tax rates on the well think and beyond raising taxes on the well think, tax rates on the well think, he said he wanted a balanced approach etch said during the campaign he wanted $2.50 in cuts for every $1.50 in revenue. yet you saw the only proposal come from him sense the election was four dollars in revenue for one dollar in cuts. it was $1.6 trillion in revenue and $400 trillion in cuts and...
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individual taxes. a lot of ways to skin the cat here. but the president seem determined to raise the rates. that is not going to help the economy. of it seems vindictive to me. what we ought to do is try to reform our tax code and lower rates. maybe we'd have revenue. but revenue by itself will never keep up with the spen spending. >> shannon: what about the mortgage deduction or charitable duction? there are things that come up with discussion. are they on the table? >> i think mortgage deduction is very important to the housing industry. first term home buyers and so forth. we ought to look at everything. charitable deductions fuels a lot of university and the charities. but all the things are substantive. it's a question of what does america really want. they want good economy and jobs. >> shannon: i want to ask about the other issues going on. u.n. ambassador susan rice, a feeling she is on the short list of the president potentially to nominate here for secretary of state. if it happens she has to come before you in senate. she will
individual taxes. a lot of ways to skin the cat here. but the president seem determined to raise the rates. that is not going to help the economy. of it seems vindictive to me. what we ought to do is try to reform our tax code and lower rates. maybe we'd have revenue. but revenue by itself will never keep up with the spen spending. >> shannon: what about the mortgage deduction or charitable duction? there are things that come up with discussion. are they on the table? >> i think...
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we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground. solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the good of our country and my colleagues, we're ready to work with the president to achieve those goals. >> on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering, what the final deadline is? when do you really have to have a deal or framework? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the am
we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground....
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you may lose the tax deduction there. that will definitely hit the top percent of americans, and that's a concern because it's a lot of small business owners. >> let's talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. here's the thing. if you're looking at your interest that you're paying, up to a million dollars of that is deductible. second homes, the interest is deductible. home equity loans, the interest is deductedible. now, that's been around since the teens. the ability to do that. so here's the thing, though. only one in four homeowners actually take this deduction. >> really? >> yes. right. people aren't really surprised because most homeowners actually don't necessarily qualify for it because they don't pay enough in interest. >> or they don't itemize? >> they don't itemize, exactly. so at least 25% to 30% of those folks, however, make less than $100,000. so these folks will get very hit by this. if they can phase it in, that will
you may lose the tax deduction there. that will definitely hit the top percent of americans, and that's a concern because it's a lot of small business owners. >> let's talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. here's the thing. if you're looking at your interest that you're paying, up to a million dollars of that is deductible. second homes, the interest is deductible. home equity loans, the...
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tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that spending can go up and that is a game leapfrog. we end up with more debt and a weaker economy. the road map is greece, italy, spain, all over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they
tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that...
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tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size of the government, and it does not fix our revenue problems. more importantly than that, just the point where i think this argument ends up, the american people would annihilate any party that passed a national sales tax rate. if the democratic party thinks they are in charge now, and they are, and the republican party has done some things to marginalize itself, but if you want to resurrect a republican party, give me a value-added tax. >> let's take the value-added tax off the table for this the se
tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size...
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democrats bet republicans cave on taxes. how confident are democrats that they're going to win this thing, they'll make this happen. >> they feel like this looks like the 2011 payroll tax. remember at the time house republicans were not going to pass that extension to that payroll tax holiday, but they felt boxed in at the end of the day and they eventually had to do what the president wanted. democrats believe that they have the issue here, they have a bill that passed out of the senate. they think the house will adopt it. the republicans say there is just no way that's going to happen, that in order to get any sort of deal on revenue, democrats have to -- >>> have a fantastic weekend, gentlemen. coming up, we're following developing news from the supreme court where we're waiting to hear if the high court takes up several major challenges to same-sex marriage. plus -- >> i was positioning is that the right newspapers, is that the right numbers. and i was shaking. and i called my husband and i said i think i'm having a hear
democrats bet republicans cave on taxes. how confident are democrats that they're going to win this thing, they'll make this happen. >> they feel like this looks like the 2011 payroll tax. remember at the time house republicans were not going to pass that extension to that payroll tax holiday, but they felt boxed in at the end of the day and they eventually had to do what the president wanted. democrats believe that they have the issue here, they have a bill that passed out of the senate....
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tax hikes on the rich. republicans have said, well, we don't want that, but we will put revenue on the table if you agree to some spending cuts. and now both sides are saying you show us your proposed spending cuts first. do i have it about right, marc? >> yeah, about right, essentially. look, the president -- i think it's very clear, i think at least, that the democrats want to go off the fiscal cliff. you can see it in the fact that president obama's out there campaigning instead of sitting down with john boehner, running around pushing for a bill to increase -- extend just the middle class tax cuts which he knows republicans will never do. you can see it in the fact that 33 senate democrats signed this letter which says, quote, we will oppose including social security cuts for current or future pen fisheries in any -- beneficiaries at any time. that's signed by harry reid. senator durbin giving a speech saying no touching medicare or medicaid in any year end package. so, basically, the democratic positio
tax hikes on the rich. republicans have said, well, we don't want that, but we will put revenue on the table if you agree to some spending cuts. and now both sides are saying you show us your proposed spending cuts first. do i have it about right, marc? >> yeah, about right, essentially. look, the president -- i think it's very clear, i think at least, that the democrats want to go off the fiscal cliff. you can see it in the fact that president obama's out there campaigning instead of...
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no new taxes. >> read my lips, no new taxes. george h.w. bush hammered that mantra to win the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern republican party. the right wing went crazy. and george bush lost re-election. since then the party's been committed to never compromising on the tax issue, no matter the deficit. no congressional republican has voted for an increase in taxes since 1990. think about it. for nearly a quarter of a century, no new income taxes. in the current congress, 236 house republicans vowed never to raise taxes. 40 gop senators also kept that pledge. even president george w. bush, the man who got us into two wars we didn't pay for. the president who exploded our deficit. he insisted th
no new taxes. >> read my lips, no new taxes. george h.w. bush hammered that mantra to win the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern...
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we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new years. there is a value in doing some public posturing and trying to ge
we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the...
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did think that the president had shown leg on entitlement reform. he did no 2011. when the house speaker failed to reach a grand bargain. you heard signals from dick durbin said on the sunday shows that medicare had to be on the table. he circled back and say it couldn't be part of the down payment. a lot of confidence that the president is willing to go over the cliff before he would do anything to entitlement. this is the -- the ball is in the democrats' court, not in the republicans that i spoke to today. did say that the administration proposal just as boehner said is n
additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did...
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not using this tax revenue to pay down debt. this is a wide disagreement. >> greta: in the first one 800 revenues 80 billion dollars a year, we could go to the study and find 80 billion dollars each year of waste that no one in his right mind wants to pay for that would easily meet that revenue demand. no one looks for waste. it is bizarre. we got money that we should at least figure out what we really need. >> i couldn't agree more. i really believe, deeply, that every cabinet member needs to be a manager. there's so much good that could be done with strong leaders in these cabinet departments and subcabinet departments and subcabinet departments to save, be more productive for the american people before asking, send more money. that's what we hear washington. we are in this big debt problem, the american people, send more money. not deal with the hard things that congressional oversight, do a good job of that. tom coburn is great at it, few are. this is the kind of thing we need to do more of. >> greta: always nice to see you.
not using this tax revenue to pay down debt. this is a wide disagreement. >> greta: in the first one 800 revenues 80 billion dollars a year, we could go to the study and find 80 billion dollars each year of waste that no one in his right mind wants to pay for that would easily meet that revenue demand. no one looks for waste. it is bizarre. we got money that we should at least figure out what we really need. >> i couldn't agree more. i really believe, deeply, that every cabinet...
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prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice telling your family "no" and you come forward and you celebrate. in arizona there is no power wall in california, utah, and nevada so the winner in arizona may not be from arizona because people were flooding over to see if they could play with that jackpot. arizona gets $25,000, the store that sold the ticket and in missouri they get $50,000, and that is strictly because of state regulation. nothing else. >>shepard: this lottery created a bunch of millionaires. >>trace: on top of the two huge tickets, there were eight o
prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice...
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keep the rest of my taxes for me. schools, public safety, the roads, parks, libraries, public transportation, all went into decline. the rich people didn't care. they said everyone gets what they deserve. ordinary people wondered why rich people needed so much money. the 1% said don't worry. this is good for you, too, because it will trickle down from us to you. >> urinating on people. classy image. doesn't get much worse than that. joining me with reaction, tucker carlson and kiersten powers from the daily beast. it goes on seven minutes long, kiersten, and i thought of past pop begapropaganda. at the end of this, somebody watches this, they get indoctrinated. they really begin to believe that rich people are evil. did you get that feeling? it was that bad to me. >> it was pretty bad. i have to say even i found it offensive. >> even i, yeah. >> yeah. no. look, it goes a little too far. i think you can certainly make an argument that there are rich people that are indifferent to poor people, but i don't think that you
keep the rest of my taxes for me. schools, public safety, the roads, parks, libraries, public transportation, all went into decline. the rich people didn't care. they said everyone gets what they deserve. ordinary people wondered why rich people needed so much money. the 1% said don't worry. this is good for you, too, because it will trickle down from us to you. >> urinating on people. classy image. doesn't get much worse than that. joining me with reaction, tucker carlson and kiersten...
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one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go off the cliff. >> they obviously expect republicans will cave on everything. i think republicans ought to simply walk away. >> limbaugh said the same thing as well. is this political suicide for republicans? who would really pay the political price before the state of the union and on into the spring if they don't have a deal? >> republicans. i think matt lewis and his column got it right. they would pay the price. what they are essentially saying because we want to protect -- listen, it's a more complex argument. what it will be
one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go...
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so, streamline the tax code, remove the entire income tax philosophy, fair tax or flat tax, can't do that now. but look at spending and spending cuts across the board and different programs where we can really cut some money, rather than talk about it, let's do something and do it next week and move it down to the senate and the let them look at it it. >> dave: so there's substance and also, style, congressman. how do you feel about the fact that the president, instead of sitting down with your leader john boehner is out there in what appears to be a campaign style, giving speeches instead of negotiating? >> well, it's disturbing in some respect. he is the leader of the country. and rather than be in washington d.c. in a room working with everybody involved that can make these decisions and push legislation, republicans, democrats, senators, members of house and talking through the knitty gritty, he proposes town and campaigns about it and it's difficult to communicate and talk about things if the president is not in washington to talk. >> dave: especially with roughly two weeks to g
so, streamline the tax code, remove the entire income tax philosophy, fair tax or flat tax, can't do that now. but look at spending and spending cuts across the board and different programs where we can really cut some money, rather than talk about it, let's do something and do it next week and move it down to the senate and the let them look at it it. >> dave: so there's substance and also, style, congressman. how do you feel about the fact that the president, instead of sitting down...
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loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing for a balanced approach, including spending cuts and new revenues. the president says we could cut taxes for the middle class right now if congress agreed to extend the bush era tax cuts for everybody except those earning more than 250,000 a year. he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a family of four will see the
loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward...
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i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax authority. individuals have their own moral compass that guides what they choose to do. >> starbucks does appear to feel the heat of public pressure. saying we need to do more. we are looking at the tax approach in the u.k. the u.k. said it will tighten its tax regime but it has not said how. other european countrys have similar concerns. with some calling for more uniform taxation across the e.u., so some countries don't become tax havens at the expense of others. bret? >> bret: amy kellogg in london. thank you. the supreme court here in the
i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax...
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in taxes by an average of 5%. that means a middle-class family will pay $2,000 more in taxes and married couples would be hurt because of marriage penalty. it doesn't include the budget consequences. $55 billion would be cut from the pentagon and another $55 billion slashed from domestic programs. an estimated 2 million jobs could be lost pushing the economy back into a recession adding to the misery to those facing tough times by ending jobless benefits for the long term unemployed. steve is live in washington. where do we stand at this point? >> reporter: two sides did do something today. they appeared on the sunday talk shows but they haven't negotiated an actual deal. john boehner blasted the white house plan which was put forward last week. boehner says the president essentially wasted the last three weeks since the election with nonsense. >> the president is asking for $1.6 trillion worth of new revenue over ten years, twice as much as he been asking for in public. stimulus spending that exceeded the amount
in taxes by an average of 5%. that means a middle-class family will pay $2,000 more in taxes and married couples would be hurt because of marriage penalty. it doesn't include the budget consequences. $55 billion would be cut from the pentagon and another $55 billion slashed from domestic programs. an estimated 2 million jobs could be lost pushing the economy back into a recession adding to the misery to those facing tough times by ending jobless benefits for the long term unemployed. steve is...
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the taxes will go up for the top 2%. obama's job number one, a tax cut for the 98%. the rest of the people. let's listen to him. >> it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. all right? that doesn't make sense. the senate has already passed a bill to keep income taxes from going up on middle class families. that's already passed the senate. your members of congress, like allyson and chaka, other democrats in the house, they're ready to go, they're ready to vote on that same thing. if we can just get a few house republicans on board, we can pass the bill in the house, it will land on my desk, and i am ready, i have got a bunch of pens ready to sign this bill. >> 30 minutes after the president was finished, house speaker john boehner held a press conference, and he left unanswered the president's call for decoupling that 98% from the richest 2%, and he gave a pessimistic assessment of the si
the taxes will go up for the top 2%. obama's job number one, a tax cut for the 98%. the rest of the people. let's listen to him. >> it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. all right? that doesn't make sense. the senate has already passed a bill to keep income taxes from going up on middle class families....
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you have this medical device tax. you have a 10% tanning tax. so all of these things are going to come together. this is not just something that is going to affect the quote/unquote wealthy top 2% income, it's going to affect all americans. >> do you think the president sent his proposal up through the secretary of treasury geithner that he deliberately made his quite far reaching, for instance, he wantses to have additional stimulus money, he wants monee. >> $50 million -- billion more. >> i am sure that that sent a chill up the spine of most house republicans. do you think he did that as a negotiating tactic? you put the worst-case scenario and say you don't want it to have something else. >> i don't understand the mind of the president when it comes to this. $1.6 trillion in new tax, does nothing for the debt. one of the things he asks for is complete authority to raise the debt limit. we are not serious about this $16 trillion i. do you think he was serious about that? >> obviously, he sent it over there. >> i know, but the idea that you wou
you have this medical device tax. you have a 10% tanning tax. so all of these things are going to come together. this is not just something that is going to affect the quote/unquote wealthy top 2% income, it's going to affect all americans. >> do you think the president sent his proposal up through the secretary of treasury geithner that he deliberately made his quite far reaching, for instance, he wantses to have additional stimulus money, he wants monee. >> $50 million -- billion...
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a look at whether it makes sense to prepay your local taxes and property taxes and take a look at your investments as well gains, losses, if there are stocks you want to sell you may want to consider doing that before the end of the year. >> any capital gains tax is 15 percent. that may go up in january 2013. >> you could get walloped in 2013. >> throw out the balance of your network. >> it is a good time to do that take a look at your assets and liabilities. what's going in the door and out the door. you start chipping away at the debt. good time of year. >> common sense we always need a remiernd. >> evaluate your ints a good thing to do also. auto, life insurance disability, are you paying too much good time to comparison shop as well. >> it inches up a bit and you are paying more than you thought. >> check your credit score. >> you are entitled for a copy of your credit report annualcreditreport.com. i would check over with a fine tooth comb. they do container ors. 25 percent container ors that result in you being denied >> you have just a few weeks left to use up whatever money you
a look at whether it makes sense to prepay your local taxes and property taxes and take a look at your investments as well gains, losses, if there are stocks you want to sell you may want to consider doing that before the end of the year. >> any capital gains tax is 15 percent. that may go up in january 2013. >> you could get walloped in 2013. >> throw out the balance of your network. >> it is a good time to do that take a look at your assets and liabilities. what's...
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bill: the focus is all on taxes and tax rates and not on spending. how can you be serious when you want to raise $1.6 trillion in taxes at a time when growth is around 2? >> that's the point i was making. they complain about want to go cut spending but they made no offer to cut spending. when the president talked about cutting spending, when they talk about defense spending what happens? they attack him. for the entire campaign all we heard about was how obama wanted to cut medicare. so which is it? i it he cut too much or he doesn't cut anything? and where is there offer? if they say they are the party of cutting spending stop talking about the democrats, make an offer. >> mitch mcconnell is out there every single day saying these are the entitlement changes that i think make sense and would get us to a deal. raising the retirement age, dealing with change the inflation formula so the programs aren't spending so much out over time. if president obama is interested in reforming entitlements which he says he is but he never specifies what it would be.
bill: the focus is all on taxes and tax rates and not on spending. how can you be serious when you want to raise $1.6 trillion in taxes at a time when growth is around 2? >> that's the point i was making. they complain about want to go cut spending but they made no offer to cut spending. when the president talked about cutting spending, when they talk about defense spending what happens? they attack him. for the entire campaign all we heard about was how obama wanted to cut medicare. so...
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we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. february? no. did anybody do anything? no. in august, they went on vocation and campaigned for their vobs -- jobs. they took off august, september, october, early november and they are now worried about getting a deal before their christmas vacation. they are worried about christmas. i think, go figure. any business owner would never do that. so -- am i too hard on politicians? >> no. what this comes down to is the need for leadership in our country. think about all the problems that you just -- that you just espoused, gret a. and to consider that you take all of those problems and then have you to acknowledge that the leader of and the cause of many of those problems was just re-elected for four more years of the same? four more years of the status quo
we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. february? no. did anybody do anything? no. in august, they went on vocation and campaigned for their vobs -- jobs. they took off august, september,...
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no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow more and he can't spend more than what the treasury collects. it's forced to reduce spen spending. that is the only way to get the house in order. >> over the cliff. >> over the cliff. >> juan? >> i hope not. i don't think it's good for most of america. it could be damage for economy struggling to recover. takes us further down the road for what i think is the news of the day. argument over the debt ceiling today. that is one point of the republican lench in the dole. some machiavellian misstep made. he wanted the democrats to
no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow...
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and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal seriously enough to offer a counterpropsal so the white house believes the ball is still in the republicans' court. >>shepard: but speaker boehner has moved, if shiply and if for the first time in public but he has moved. >>reporter: he has. he is not willing yet, not yet, anyway, willing to raise tax rates. in speaker boehner's proposal he put revenue, tax revenue of $800 billion on the table. you her the white house said this was not enough detail but they say in the republican side it would be from limiting deductions and republican leader said this. >> republicans have move add great deal. who was the fi
and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal...
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gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notify you if it is taking information from you. to law is about to be put to the test. i got word in the last 30 seconds and a ruling from the supreme court, a decision from the supreme court, actually, on whether it will hear a same-sex marriage case and the constitutionality of that. the answer is "yes" the court has notified us. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our en
gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us...
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tax, a 10% tanning tax. all of these things come together. this is not just something that will affect the quote, unquote, wealthy top two income tax brackets. it will affect all americans. that's what we're talking about. >> greta: do you think the president sent his proposal up through secretary treasurer geithner that he made his deliberately quite far-reaching. he wants additional stimulus money, money in his proposal. >> 50 billion more. >> greta: i'm sure that that probably sent a chill up the spine of most house republicans. do you think that he deliberately did that almost as a negotiating tactic? he put the worst case scenario on the table so they would say i don't want that so they can get something else? >> i don't understand the mind of the president when it comes to this. 1.6 trillion in new taxes. it does nothing for the debt. as a matter of fact, one of the things he asks for, he wants complete authority to raise the debt limit. >> greta: do you think he was serious about the 16 trillion? >> h
tax, a 10% tanning tax. all of these things come together. this is not just something that will affect the quote, unquote, wealthy top two income tax brackets. it will affect all americans. that's what we're talking about. >> greta: do you think the president sent his proposal up through secretary treasurer geithner that he made his deliberately quite far-reaching. he wants additional stimulus money, money in his proposal. >> 50 billion more. >> greta: i'm sure that that...
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the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner have not spoken now in several days. so there is really no signs of progress. there has been some discu
the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at...
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we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion dollars, that's not a deal that the american people can live with. it's not about grover norquist and not raising taxes, it's about going to the table and cutting a real deal. >> dick? >> i guess what i say is, what do the republicans want to cut? i mean, have they backed off the paul ryan plan to cut medicare have they backed off the plan for social security, and what is the plan? i think the president and the democrats and the country are waiting to hear. he made an offer. i'm a lawyer and deal with this and the other side why and we move to the middle. where is the republican plan. >> kelly: hold on a mi
we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion...
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they sent her a tax bill for $300,000. they wouldn't do that to you and your wonderful wife and they wouldn't do that to other straight couples in this country. it's not fair. >> let's go to -- let's get revolutiona revolutionary. we only have a few minutes. wonder looking at justice kennedy maybe because he's irish, i'm just kidding, there's something about him i find very interesting. >> and from california. >> he's from california. if you look at the majority opinion in the case involving lawrence texas which was about outlawing or basically declaring sodomy -- anti-sodomy laws unconstitutional, he says not only in that court decision you can't deny a person's liberty in these cases to engage in intimate conduct but it's about something bigger. marriage is is not about having constant sex, it's about having a loving relationship. it's about people. >> right. >> not organs. let me -- >> it's about families. >> okay. you tell it your way. if it gets down to questions of liberty and equal protection of the law, fundamental
they sent her a tax bill for $300,000. they wouldn't do that to you and your wonderful wife and they wouldn't do that to other straight couples in this country. it's not fair. >> let's go to -- let's get revolutiona revolutionary. we only have a few minutes. wonder looking at justice kennedy maybe because he's irish, i'm just kidding, there's something about him i find very interesting. >> and from california. >> he's from california. if you look at the majority opinion in the...
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um, no, just opened up some yogurt. >> we have to accompany tax reduction and tax relief for americans, also having a dollar value meal at restaurants. >> what do you think about that, the catholic church would allow someone in -- welcome someone in who denies holocaust, isn't that offensive to you? >> what are you going to do? >> i love sarah silverman and all those ladies. anyone who serves women aren't funny deserves a whack up side the head. it was a figure of speech. >> sorry. >> woah! no more figures of speech over here. just concrete language. there's lots of incredible funny women from tina fey to sarah silverman, even the sweetly violence women i work with every day. >> really? >> really? >> all right. really. anyway, i don't want to live in a world without women came medians and neither does our next guest. the author of we kill the rise of women in american comedy. welcome, my sister. >> thanks for having me. >> so you can talk about smftd special challenges that women who want to enter comedy will face? >> i think i have to look at stand up and sketch a as two different art
um, no, just opened up some yogurt. >> we have to accompany tax reduction and tax relief for americans, also having a dollar value meal at restaurants. >> what do you think about that, the catholic church would allow someone in -- welcome someone in who denies holocaust, isn't that offensive to you? >> what are you going to do? >> i love sarah silverman and all those ladies. anyone who serves women aren't funny deserves a whack up side the head. it was a figure of...
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a flat tax will do that. and steve forbes, arthur laugher a number of people are going to be pushing that this week. you will see. that's a fair share. that's what we ought to do. the compromise will be on what we cut. good grief, in the house we cut 11% over the last two years of our own budget. we should be demand and our leadership hasn't done it yet. 11% cut across the board throughout the government. this president is not even talking about it. he is talking about increasing spending. >> do you like the president's -- i'm curious your take on the president's populist argument right now. is he out there on the campaign trail again trying to sell this to the american people. >> that's what he does do. is he campaigner in chief. that's what he does well. >> isn't he looking at those polls showing that the republicans have been beaten down. the polls show if this happens most of the american people would blame the republicans. >> but he has been so abusive as of yesterday. so arrogant in what his demands are
a flat tax will do that. and steve forbes, arthur laugher a number of people are going to be pushing that this week. you will see. that's a fair share. that's what we ought to do. the compromise will be on what we cut. good grief, in the house we cut 11% over the last two years of our own budget. we should be demand and our leadership hasn't done it yet. 11% cut across the board throughout the government. this president is not even talking about it. he is talking about increasing spending....
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we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal cliff certainly the issue in the short term for a lot of big businesses and certainly for a lot of american taxpayers. however, long term is another story when it comes to the economy, and entitlements, the president referring to that as well. as we continue to get that feedback you can check it out foxnews.com, in the meantime we're going to move onto other news as well. >> reporter: and so let's begin with the violence that is appearing to really spiral out of control. secretary of state hillary clinton says she fears a desperate president bashar al-assad
we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal...
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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>> the tax problem is the biggest problem. president obama has laid out in the past and seen willing to me, at least, to make some cuts to medicare. maybe not ones conservatives like. what we don't know yet, the big question is, president obama is pushing for $1 trillion in tax increases, pushing it for a long time. he feels he has a mandate on that now. we know his idea is about raising revenue. we don't know what the republicans ideas are on the revenue. that's what we need to know. that's the whole question, what are they. go ahead. >> we've heard from lindsey graham yesterday or the day before with regards to revenue. he still contends, ari, that you can raise a significant chunk of revenue, he's thrown out $800 billion at least by closing loopholes and limiting deductions, whether it's $30,000, $40,000, $50,000. >> yeah, but he's just talking, right? just talking. what the president has done is outlined a plan. he outlined it once and the american people voted for it, and he outlined it again, not surprisingly, the same c
>> the tax problem is the biggest problem. president obama has laid out in the past and seen willing to me, at least, to make some cuts to medicare. maybe not ones conservatives like. what we don't know yet, the big question is, president obama is pushing for $1 trillion in tax increases, pushing it for a long time. he feels he has a mandate on that now. we know his idea is about raising revenue. we don't know what the republicans ideas are on the revenue. that's what we need to know....
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Dec 7, 2012
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we don't want to pay higher taxes, but are willing to pay higher taxes as a program of shared sacrifice, which we think would make sense under the circumstances. >> eliot: and you also reject the premise of the entire republican argument, which is if you raise these tax rates margin ally on the so-called job creators somehow that will harm our economy. >> that's utterly ridiculous. first it's false imperically. we want through the analysis with bruce bartlett, who articulated them very well. as buffet pointed out in his op-ed piece taxes went up from 2000 when clinton was in and the second part of the reagan administration because of the imbalances created by the reagan tax cuts and we created 23 million jobs. by the same token, you know, the tax cuts to the wealthy were extended a number of times including by president obama under duress and starting in 2009 that create add boom in financial assets, but didn't produce many jobs. those are just anecdotal situations, but you can see there have been studies done including most recent one, which was suppressed by the republicans. >> eliot:
we don't want to pay higher taxes, but are willing to pay higher taxes as a program of shared sacrifice, which we think would make sense under the circumstances. >> eliot: and you also reject the premise of the entire republican argument, which is if you raise these tax rates margin ally on the so-called job creators somehow that will harm our economy. >> that's utterly ridiculous. first it's false imperically. we want through the analysis with bruce bartlett, who articulated them...
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tax rates for the top 2%. they've been as high as 90% in the great depression, so you really have to have perspective here. it's hard to see the republicans making this their sticking point. making this thing that that is the hill that they will die on, is not raising taxes on the top 2%. i think that karen is right, that the white house has everything to gain by keeping the president above this. and on the payroll tax thing, that worked. that employ worked and i think that they're planning on having this work out again. the president is the one making the case to people that his staff is dealing with boehnerth and i think that's the right psychological play and it's the right political negotiating play. >> anna marie cox and karen tumblety. stand by, we're going to talk about grover norquist. by the way, karen, happy belated birthday. >> thank you. >> i hear you celebrated, i heard there was a wild party in d.c. last night. thanks for the invite. >> quick note here, don't know what you're doing with your sund
tax rates for the top 2%. they've been as high as 90% in the great depression, so you really have to have perspective here. it's hard to see the republicans making this their sticking point. making this thing that that is the hill that they will die on, is not raising taxes on the top 2%. i think that karen is right, that the white house has everything to gain by keeping the president above this. and on the payroll tax thing, that worked. that employ worked and i think that they're planning on...
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without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that is sustainable or is on a sustainable path. if we all agree with the objective and then, mr. majority leader, simply make the math work to get there on a way that we could agree on, i think america would be advantaged, the economy would be advantaged and we'd see a renaissance of job creation in this country as we did in the 2000's. and i'll be glad to yield to my friend. mr. cantor: i accept the gentleman's good intentions. i know he doesn't think that we ought to be imposing additional obligations on the american peopl
without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that...
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they are saying capital and income from capital should be taxed the same way we tax earned income. that is a fundamental in equity in our tax code. >> that's right. this country in its economy he has done well when we've had policies that have promoted middle class expansion. this is good for capital. franklin roosevelt for all of understanding, he said if you don't have a middle class that works, you won't have an economy for the rich. there's a narrow mindedness that i've got mine and i want more and i'm take it from you if that's what it takes. american economic policy works best when it's building a middle class. >> you go back to henry ford, who is no legal tarian at heart. he said if my workers can't afford to buy the cars they're building i won't be able to sell them to everybody and wanted to raise wages. you have been a proponent of going over the cliff basically saying we're not going to cave because of the threat. do you still hold that position and is there support in the democratic party for it? >> there is. we're not in favor of going over the cliff we're in favor of
they are saying capital and income from capital should be taxed the same way we tax earned income. that is a fundamental in equity in our tax code. >> that's right. this country in its economy he has done well when we've had policies that have promoted middle class expansion. this is good for capital. franklin roosevelt for all of understanding, he said if you don't have a middle class that works, you won't have an economy for the rich. there's a narrow mindedness that i've got mine and i...
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taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is something else that he has to give? >> i certainly would not give him that without conditions. >> bill: but you would think about it it? >> absolutely. that's what i'm saying. the dobbs plan says that reasonable, reasonable, what does that mean? that a little bit of tax hike on the wealthy, and wouldn't be a little bit. what is it estimated to be about something like a billion a year. >> $82 billion. >> bill: a year? >> per year. >> bill: that's still not -- all right. so, but then to get those tax hikes, what does lou dobbs want as far as spending cuts? >> well, you know, first of all i wouldn't negotiate in the
taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is...
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loopholes and lower tax rates. that's far better for the economy, and the american people actually favor that approach by two to one. they favor it even more when we can also show them that real spending cuts will, in fact, reduce the deficit. now, there have been many conversations over the last couple of years that could inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground. solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. and for the unity of our country and my colleagues, we're ready to work with the president to achieve those goals. >> reporter: on the issue of tax cuts, are you willing to accept -- [inaudible] what's our final deadline on -- [inaudible] >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're wil
loopholes and lower tax rates. that's far better for the economy, and the american people actually favor that approach by two to one. they favor it even more when we can also show them that real spending cuts will, in fact, reduce the deficit. now, there have been many conversations over the last couple of years that could inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground. solving the fiscal cliff in a manner that addresses...
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tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was running for president the first time, the bush tax cuts only help the ri
tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and...
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Nov 30, 2012
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that goes down as tax rate marginal tax rates go up. that is the big issue. dennis: if my marginal tax rate stays the same but i can't hire tax bill because they kept my deductions aren't i still going to not bought a welding torch i was going to buy? >> that may be. you made me pick one out of three. dennis: the thing we are worried about, there are things you say they can do. they should wait on spending but tell us about changing their tax filing status. >> one of those things we are going to see is a big difference between the personal marginal tax rates and the corporate tax rates which allegedly are going to be lower to make as competitive internationally so over the past 37 years we have been collecting data we have seen people switch back and forth. it costs money to change your status but the difference between tax rates gets big enough people will do it so we will see people switching from sole proprietorships into corporate status so they can take advantage of lower tax rate. dennis: something like two thirds of balls busines
that goes down as tax rate marginal tax rates go up. that is the big issue. dennis: if my marginal tax rate stays the same but i can't hire tax bill because they kept my deductions aren't i still going to not bought a welding torch i was going to buy? >> that may be. you made me pick one out of three. dennis: the thing we are worried about, there are things you say they can do. they should wait on spending but tell us about changing their tax filing status. >> one of those things we...
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the republicans saying we'll never raise taxes. the problem is taxes are scheduled to go up. they can't say no to that. they will go up. the only real question for the obstructionists in the republican party is, seriously, you're going to block atax cut? that's what it is. >> i want to play some sound from our friend david gergen on cnn yesterday and get you to comment. >> since this election i think the democrats are the ones who are really trying to rub it in and almost humiliate the republicans, and that's not going to get to a bargain. i think it has to be win-win. you hear among some democrats right now and it's disturbing that maybe just ought to take it over the cliff. we'll score political points against the republicans and it will force our hands in the new year. that is a very, very dangerous, risky path. >> what do you think? are democrats more interested in humiliating republicans? do they really want a deal? for republicans, what's at stake here? what's the upside? what should the way forward be? >> i think both sides want a deal. if the economy tanks because we
the republicans saying we'll never raise taxes. the problem is taxes are scheduled to go up. they can't say no to that. they will go up. the only real question for the obstructionists in the republican party is, seriously, you're going to block atax cut? that's what it is. >> i want to play some sound from our friend david gergen on cnn yesterday and get you to comment. >> since this election i think the democrats are the ones who are really trying to rub it in and almost humiliate...
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they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. no substantive progress has been made in the talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line. the american economy is on the line and this is a moment for adult leadership. >> perhaps most su prirprising the white house proposal to get the president just about unlimited power to raise the nation's debt sealiceiling and w more and more money unless they reject. these will be tough negotiations ahead. we got a little sample of this yesterday from senate majority leader talking to john boehner. >> i don't understand his brain. you should ask him. >> not much time to get this done. the president meantime flies to penns
they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. no substantive progress has been made in the talks between the white house and the house over the last...
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his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment benefits around 30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in run for that, the president offers $400 billion of cuts and toe, john boehner basically said go fish. >> was not a serious proposal. and so, right now, we're almost nowhere. >> just when we needed someone to not say hey, mom, he was nasty. so i can be, too. boehner, like geithner, leapt to the extreme. republicans, the best response to a nonstarter could be to put a real thoughtful compromise deal on the table. an alternative and as for mr. geithner, he wasn't alone either. remember, mr. president, the promise you made during the campaign?
his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment benefits around 30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in run...
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are to preventing such a tax increase. for republicans, it has been about are they offered something that allows them to sell this? for republicans there are a couple of considerations. they don't want to get blamed if everybody's taxes go up. that could be politically problematic. but they can't afford to appear they're rolling over and getting anything they want. they have the house majority. they don't want the base of support to feel they didn't fight anything. because the campaign fund-raising dollars could dry up. everybody in the house faces a primary next year. whether or not they a tough opponent or not is on the table. there are so many considerations. jon: so if these talks fail, and we go over the fiscal cliff, do both sides share in the blame equally? >> i don't think so. i think it is likely that the house republicans and even senate republicans, even though they're in the minority in the senate are going to get more of the blame but it depend on what kind of view you're taking here if you're a republican. i
are to preventing such a tax increase. for republicans, it has been about are they offered something that allows them to sell this? for republicans there are a couple of considerations. they don't want to get blamed if everybody's taxes go up. that could be politically problematic. but they can't afford to appear they're rolling over and getting anything they want. they have the house majority. they don't want the base of support to feel they didn't fight anything. because the campaign...
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some of them might struggle with voting to raise taxes by more than $12.5 trillion. this is amateur video from syria purporting the show a government war plane on a bombing run in damascus. one of syria's neighbors get serious about self-defense. concerns about the chemical weapons on the rise. "special report" starts at #:00 eastern. now have back to my colleagues with "the five." >> five, four, three, two, one. [ applause ] >> good job! >> andrea: the lighting of the 73-foot tall capitol christmas tree. that was john boehner who lit the tree. on the west front steps of the cocapitol. where president obama will have inauguration in a couple of weeks. from the speaker bearing brooks brother to devil wears prada. anna winter raised money to get president obama re-elect and it could be paying off for her now. bloomberg news is reporting that she is on the short list to be the next ambassador to the u.k. or to france. a hat tip to the "new york post," owned by the parent company of the network. she was trying to audition by fundraisers and glossy spreads in the magazine
some of them might struggle with voting to raise taxes by more than $12.5 trillion. this is amateur video from syria purporting the show a government war plane on a bombing run in damascus. one of syria's neighbors get serious about self-defense. concerns about the chemical weapons on the rise. "special report" starts at #:00 eastern. now have back to my colleagues with "the five." >> five, four, three, two, one. [ applause ] >> good job! >> andrea: the...
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anything above $2,500 will be taxed and the rest will be taxed. they are going to be playing $10,000, $12,000 more per year taxable rate to get their kids per school. >> and they're always talking about how the republicans want to destroy the study for autism. but here it is black and white in the obama. we appreciate it. it's great to see you. >> thanks for having me. >> now to the lottery frenzy. there's already a winner in this game. the government. not good. we're going to explain when "the kudlow report" comes right back. >>> if everything on the fiscal side caves, what incentive is there for tax reform in 20 13? >> ups believes congress does need to move very quickly to get this done. >> there are going to be many moments when it seems like there's a deal and then there are people who fight the deal, which is why we have been featuring the notion of rising above. >> all sides could lose if an agreement isn't arrived upon. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all
anything above $2,500 will be taxed and the rest will be taxed. they are going to be playing $10,000, $12,000 more per year taxable rate to get their kids per school. >> and they're always talking about how the republicans want to destroy the study for autism. but here it is black and white in the obama. we appreciate it. it's great to see you. >> thanks for having me. >> now to the lottery frenzy. there's already a winner in this game. the government. not good. we're going to...
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lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used some of his power ball winnings to make a donation to toys for tots. fox urgent now. two boys in florida plotting to set off a weapon of mass destruction here in the united states. this is new tonight. prosecutors say that weapon was some sort of explosive device. no word on a potential target. the fbi reports they arrested the brothers yesterday in fort lauderdale. the feds say the men are u.s. citizens. originally though from pakistan. they could get life in prison. there is a stalemate. let's not kid ourselves. that's the quote t
lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used...
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not the tax rates. cut the spending, not the -- >> gretchen: it's kind of like that duh sound on the simpson show. people know this. people know this is what it's going to come down to yet it's this posturing. now headlines, chaos in cairo. president morsi returning to his palace overnight. he took off amid violent protests between police and protests, 100,000. they're outraged over morsi expanding his powers. hello, you elected him -- but the muslim brotherhood calling for its own protests over alleged abuses by the opposition. several tv stations in egypt going back to protest the constitution drafted by islamists. >>> new chilling surveillance video showing the moment when a barista came face-to-face with her killer. you can see 18-year-old samantha make the coffee and then raise her hands as if she's being held up. he makes her turn off the lights and climb through a window before tying her hands behind her back, chilling. the f.b.i. says he then sexually assaulted and he killed her. he's confessed
not the tax rates. cut the spending, not the -- >> gretchen: it's kind of like that duh sound on the simpson show. people know this. people know this is what it's going to come down to yet it's this posturing. now headlines, chaos in cairo. president morsi returning to his palace overnight. he took off amid violent protests between police and protests, 100,000. they're outraged over morsi expanding his powers. hello, you elected him -- but the muslim brotherhood calling for its own...
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this is about tax cuts. the president is saying, renew the payroll tax cut. give tax cuts to every dollar earned up to $250,000. i don't know what they're thinking, thomas. but obviously, they are putting it all on the line for the koch brothers and sheldon adelson who earn billions of dollars. they're selfish. and there's a group called patriotic millionaires who are saying please, please, tax us fairly. and here's the point. the president is saying to the millionaires and billionaires, we're just taking you back to the tax rates that you had when bill clinton was president. and i would like to remind everybody, we had the greatest prosperity then when everyone paid their fair share. 23 million new jobs. and why is it? because the middle class had the money to spend out there, to stimulate this economy. it's a consumer-driven economy. about 70% of the economy is consumer driven. and the other thing the president put on the table, i understand, is refinancing proposal. >> right. >> where people trapped in 7%, 8% mortgages can go down to 4% and 5% mortgages ha
this is about tax cuts. the president is saying, renew the payroll tax cut. give tax cuts to every dollar earned up to $250,000. i don't know what they're thinking, thomas. but obviously, they are putting it all on the line for the koch brothers and sheldon adelson who earn billions of dollars. they're selfish. and there's a group called patriotic millionaires who are saying please, please, tax us fairly. and here's the point. the president is saying to the millionaires and billionaires, we're...
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. >> eric: yes, i did pay my taxes. no i didn't kill anyone. >> kimberly: i'm not against dogs, yeah, the whole thing. i like dogs. >> eric: i like twitter. that was the big thing. please roll the video. according to the reporter newspaper, president obama plans to do his annual wine vacation, get this, the dates are december 17 through january 6. so that means, while america is hurled head first off the fiscal cliff, the obama will spend 21 days golfing, body surfing and lunching to the tune of $4 million taxpayer dollars. you can't make stuff up. >> kimberly: that sounds good to me. >> dana: the reporters would have complained if they spent 21 days in waco. but 21 in hawaii could be worse. he said let's make sure we get it done before christmas. get it done on december 16, sign it, get out of town. >> eric: $4 million. >> bob: if he was in the bathroom at the white house it would cost $4 million. >> eric: december 17 to january 6. fiscal cliff hits december 31. smack dab in middle of this vacation. he snub hawaii, bod
. >> eric: yes, i did pay my taxes. no i didn't kill anyone. >> kimberly: i'm not against dogs, yeah, the whole thing. i like dogs. >> eric: i like twitter. that was the big thing. please roll the video. according to the reporter newspaper, president obama plans to do his annual wine vacation, get this, the dates are december 17 through january 6. so that means, while america is hurled head first off the fiscal cliff, the obama will spend 21 days golfing, body surfing and...
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everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts, and they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. and so right now we're almost nowhere. gwen: both ends say americans voted for growth and responsibility during the last election, but each apparently is read looking the same message differently. what a surprise. so how much of the policy is about standoff and how much is about politics? >> it's a little bit of each. but i would have to say right
everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6...